Even in the current market that probably is not a good deal at all and probably should see significant depreciation as SD realtor mentions.

This seems to be in the same neighborhood, larger and in better condition for the same price.

http://www.redfin.com/stingray/do/printable-listing?listing-id=1572822

This would be a better deal too, but needs some tlc

http://www.redfin.com/stingray/do/printable-listing?listing-id=1578483

I am observing this area too and prices are definitely gradually falling. A year from now this area might be 10-15% lower than now on average.